BRAZIL AND INDIA REPORT HISTORIC DROPS IN NATIONAL ECONOMIES MIMICKING GLOBAL LOWS

According to a report by AFP, Brazil and India reported historic second-quarter drops in national economic output this week, a situation seen in almost all leading global economies owing to the coronavirus pandemic. Only China, where the outbreak was first reported, has escaped a recession.

According to a report by AFP, Brazil and India reported historic second-quarter drops in national economic output this week.

Latin America’s leading economy said Tuesday that national output had fallen by 9.7 percent. Brazil has reported the second highest number of coronavirus deaths to date, with more than 121.000 according to an AFP tally. It is now in recession – two consecutive quarters of contraction- following a drop in GDP (Gross Domestic Product) of 2.5 percent in the first three months of the year.

On Monday, India said its economy had collapsed by 23.9 percent. The country is also among those that have reported the most coronavirus deaths, with more than 65.000. It is not in recession however because business activity expanded by 3.1 percent in the first quarter of the year.

China, the world’s second- largest economy, might have been where the novel coronavirus originated, but thanks to strict lockdown measures it was able to largely halt the spread of the virus and reopen factories, this avoiding a recession. In the second quarter its economy rebounded by 11.5 percent, having fallen by 10 percent in the first quarter. Growth this year will nonetheless be well below the breakneck rates China has seen in recent years.

The UK suffered the worst recession in Europe in the first two quarters of the year, also recording the continent’s highest number of coronavirus deaths. GDP fell by 20.4 percent in the second quarter after a 2.2 percent drop in the first. Britain has reported more than 41.000 coronavirus deaths.

The United States, the world’s top economy, suffered a 9.5 percent slump in the second quarter following a 1.3 percent drop in the first, according to figures published by the OECD. The US has reported the highest Covid-19 death toll, with more than 180.000.


News link

https://economictimes.indiatimes.com/news/international/business/brazil-and-india-report-historic-drops-in-national-economies-mimicking-global-lows/covid-cataclysm/slideshow/77888670.cms

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